SpiceJet is likely to submit a revival plan to the aviation ministry on Friday based on the proposed investment by a consortium of investors led by the airline’s co-founder Ajay Singh.
A clutch of investors led by Singh is likely to invest $217 million to pick a substantial stake in SpiceJet. Potential investors have already injected about $17 million to help the airline run its day-to-day operations. Singh, sources said, is in talks with US-based private equity firm Indigo Partners, private investment firm TPG Capital, investment banks JPMorgan and Morgan Stanley.
“What SpiceJet is going through is its own financial problem. It has to clean up its accounts. We are only trying to be helpful. Why should the government push or pull up any airline?” civil aviation minister Ashok Gajapathi Raju said.